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Grant Funding Updates 2019

Funding Available

Grant funding is very regional (postcode) specific but in principle there is a broad range of funding available. Some areas like Greater Lincolnshire have a vast array of grant funding schemes, other areas like Cambridgeshire have fewer schemes. Where a number of schemes exist it is important to be careful to find the grant funding that provides the “best fit” not the most money. This is where a detailed knowledge of the complete range of grants within an area is so important.

Most grant funding requires some kind of outputs to be achieved, these can vary between job’s, new products , growth etc)

Grant funding updates

Basic Principles Of Grant Funding

  • Financial contribution not normally expected to be repaid for a specific request for a specific purpose
  • Risk of repayment if conditions not met
  • There is no such thing as free money, inevitably with a grant application you will have to spend time with an application and jump through some hoops
  • Always create / have the business project first, then look to see if grants might be available. Don’t find the grant funding then try and create a project around it.

General Grant Funding Eligibility Criteria

  • Typically grants are only available to those businesses who fit the Small to Medium Enterprises criteria (SME’s)
  • Trading businesses only ( there are limited grants for start up’s)
  • Retail activities are often not applicable
  • No retrospection, don’t start a project before applying
  • De minimis state aid limitation apply i.e. there is a limit to how much funding you can access over a specific time period
  • Grants wont fund basic IT or vehicles
  • For the majority of funding applications 3 quotes are required
  • Depending on the region there may be public sector website that showcases funding schemes e.g.
    • www.businesslincolnshire.com/explore/funding
    • https://www.idoxopen4business.co.uk/huntsdc/

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Examples of Grant Funding Schemes

Business Growth Grant

  • Primary aim to support existing business growth
  • Capital equipment and Revenue grant from  £1,000 to £10,000
  • Capital equipment 40% grant (60% match funding)
  • Revenue funding at 50% grant
  • Requires 3 quotes to be provided as well as growth forecasts on ( turnover / new products / new services / jobs)

Productivity Programs – proof of concept

  • Significant funding of up to £10,000 at 50% match funding
  • Requires growth in jobs or new products
  • Recently started Sept 2019
  • Supported through the business development officer at the University of Lincoln

Grants 4 growth

  • Capital only grant ( plant and machines)
  • For projects of up to £25,000 provides a max of 28% funding
  • Due to the size of funding needs evidence of job creation and or business growth

Growing Enterprise Grants

  • Looking for help to move your business forward
  • Looking to update your manufacturing equipment
  • Upgrade your ICT systems
  • Use towards consultancy services to help with Marketing or Sales strategy
  • Grants of between £1,000 to £2,500 are available for a maximum of 25% of eligible costs
  • Minimum project spend £4,000
  • Access via NBV

Digital Grant

  • Supports businesses in digital technology
  • Must support business growth
  • Flat rate £1000 help to adopt digital technologies
  • Minimum project value £2000
grant funding top tips

Funding Schemes are constantly changing

Note: This list isn’t exhaustive and the grant landscape is constantly changing ( as funds become exhausted and new schemes gain funding) for the latest information call 01733 361729

If you are looking for more information on business development click here, if you would like more information on grant funding click here

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